Make sure you've got an appraisal from a reputable jewelry appraiser. If something happens to your ring, your appraisal is crucial to helping you replace or repair it.

Do your homework on jewelry insurance options. Homeowner's and renter's policies often have limited coverage, and warranties usually only cover manufacturing defects, not loss or theft. For many newly engaged couples, an insurance policy specifically for jewelry is a great option, especially since it usually costs only 1-2% of the jewelry's value.

Make sure that your insurer will let you work with your jeweler if you ever need to repair or replace something. Not all insurers do.